Sanctioned Russian oligarch's $500M superyacht slips through blockaded Hormuz
What's the story
A 142-meter-long superyacht, the Nord, worth over $500 million, has crossed the Strait of Hormuz. The yacht is linked to Russian billionaire Alexey Mordashov, who has been sanctioned by the United States and European Union for his ties with President Vladimir Putin. The vessel left a Dubai marina on Friday afternoon, crossed the strait on Saturday morning, and reached Muscat early Sunday.
Traffic restrictions
The yacht's passage through the strait
The Nord's passage through the strait is significant as Iran has restricted traffic through this key waterway since February. The strait usually carries around one-fifth of the world's oil supply. Under normal circumstances, 125 to 140 vessels pass through daily. However, only a few merchant vessels have been allowed to pass since the start of the conflict between Washington and Tehran.
US blockade
US blocks Iranian ports; Iran meets Russia
In response to Iran's closure of the strait, the United States has imposed a naval blockade of Iranian ports. Simultaneously, Iranian Foreign Minister Abbas Araghchi has arrived in Moscow to meet Russian President Vladimir Putin. Russia and Iran have been allies for years, with ties strengthening under a 2025 treaty enhancing intelligence and security cooperation.
Sanctioned ties
Who is Mordashov?
Mordashov is not officially listed as the owner of the Nord. However, shipping data and Russian corporate records show that it was registered to a Russian firm owned by his wife in 2022. This firm is based in Cherepovets, Russia, where Mordashov's steelmaker Severstal is also registered. Notably, Mordashov was among those sanctioned by the US and EU after Russia invaded Ukraine due to their connections with Putin.